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Mar 31
Coinbase Q1 2025 Earnings Report
Coinbase reported solid results with revenue over $2 billion and continued profitability in Q1 2025.
Key Takeaways
Coinbase posted $2.03 billion in revenue and $66 million in net income for Q1 2025, supported by strong subscription growth and increased stablecoin utility. Adjusted EBITDA reached $930 million, while the company also announced a major acquisition to boost its derivatives business.
Generated $2.03 billion in total revenue and $66 million in net income.
Adjusted EBITDA came in at $930 million, indicating strong operational efficiency.
USDC market cap reached over $60 billion, with stablecoin revenue rising to $298 million.
Announced the acquisition of Deribit for approximately $2.9 billion to expand global crypto derivatives.
Coinbase
Coinbase
Coinbase Revenue by Segment
Revenue by Segment
Transaction Revenue
CapyFin.comSubscription & Services Revenue
CapyFin.comStablecoin Revenue
CapyFin.com Forward Guidance
Coinbase expects softer crypto markets in Q2 but remains focused on growing utility and maintaining disciplined cost structure.
Positive Outlook
- Subscription and services revenue expected to reach $600–680 million.
- Stablecoin revenue growth expected to continue.
- Technology & development and G&A expenses projected to decline due to lower variable costs.
- Expected headcount growth to support long-term roadmap.
- Plans to invest in marketing depending on market conditions.
Challenges Ahead
- Crypto asset prices, especially ETH and SOL, have declined significantly entering Q2.
- Blockchain rewards revenue expected to drop.
- Market volatility could lead to reduced customer trading activity.
- Performance marketing spend highly dependent on uncertain market signals.
- Potential pressure on transaction revenue from global trade policy concerns.